This Aditya Birla Group Stock has a market cap of Rs. 1,06,484 crore and it said in a filing dated 5th October 2023 that it has entered into an MoU with Odisha Mining Corp.
This company is part of the S&P BSE 100, 200 & 500 along with NIFTY 50 indices. The shares of the company rose 1.5% within the first 15 minutes of markets opening on Thursday and currently trades at Rs. 473.95, up from Rs. 473.10 at closing on Wednesday.
The stock is a 3 year multibagger, returning 165%, meaning if you invested Rs. 1 lakh into this company about 3 years ago, it would now be worth close to Rs. 2.7 lakh! The stock currently trades 1.3% and 7.5% respectively away and above its 20 day and 200 day moving averages.
In a press release earlier today, Hindalco Industries Ltd (“Hindalco”) stated that it will be entering into a Memorandum of Understanding (MoU) with Odisha Mining Corporation for the long-term supply of Bauxite ore for its proposed 2-million tonne alumina refinery and 150-MW captive power plant at Kansariguda in the Rayagada District.
This will be the Company’s second alumina refining facility in the Rayagada district of Odisha. The total proposed investment of Rs. 8,000 crore shall be in two phases. The first phase of 1 million metric ton is expected to be commissioned in FY27, at an investment of Rs. 5,500 crore. The aforesaid is subject to signing of definitive document(s).
Hindalco Industries Limited (“HIL”), with its subsidiaries, operates in 3 business verticals, selling products of aluminum, copper and chemicals. HIL is a part of the Aditya Birla Group and was incorporated in 1958, headquartered in Mumbai, India. HIL operates across 10 countries with a wide presence in the USA, APAC and Europe.
Written by Sandeep R
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